&w=3840&q=100)
China buys oil from Iran, Trump's treasury goes after Hong Kong banks for facilitating shipments
As part of the Trump administration's 'maximum pressure' campaign against Iran, the US Treasury Department has imposed sanctions on over 20 companies accused of facilitating the shipment of Iranian crude oil worth billions to China.
These sanctions target groups involved in Iran's alleged illicit oil trade including multiple Hong Kong-based entities alleged to be front companies for Sepehr Energy, a commercial affiliate of Iran's Armed Forces General Staff. These companies reportedly brokered crude oil deliveries to Chinese independent refineries, known as 'teapots,' and funnelled proceeds back to Iran to support its ballistic missile programs and regional terrorist groups.
STORY CONTINUES BELOW THIS AD
The US Treasury delegation also met with Hong Kong banks in April to warn them against facilitating Iran oil shipments to China just a month before sanctioning nine non-bank entities in the city allegedly involved in such trades, according to people familiar with the matter told Bloomberg. The delegation emphasised the risks of engaging in transactions related to Iran's oil trade, highlighting potential sanctions and reputational damage.
The sanctions also target Sepehr Energy's fleet of old 'shadow fleet' tankers. This crackdown marks a strategic move to curtail Iranian oil exports amidst ongoing nuclear negotiations and represents a tougher stance than the previous Biden administration.
Trump pushes diplomacy but warns of more Iran sanctions
President Trump expressed hopes for a diplomatic resolution but warned of intensified pressure if Iran rejects this approach, accusing it of funding Tehran's ballistic missile and drone programs, nuclear proliferation, and Houthi attacks on maritime traffic in the Red Sea. Trump's administration said the move is part of a broader effort to curb Iran's support for terrorism and weapons proliferation. However, China criticised the US sanctions, accusing Washington of unlawfully extending its jurisdiction and undermining global trade norms.
The US State Department said that the targeted network helped ship oil worth billions of dollars on behalf of Iran's Armed Forces General Staff. The oil sales generated billions of dollars used to finance Iranian military activities and attacks by the Houthi militant group in the Red Sea, as well as aggression against the US\ Navy and Israel.
'The United States will continue targeting this primary source of revenue, so long as the regime continues its support for terrorism and proliferation of deadly weapons,' Treasury Secretary Scott Bessent said in a statement.
Pressure on Chinese Banks
While recent US actions have ramped up pressure on both Iran and China, experts say a broader impact would require sanctions on major Chinese financial institutions. In a possible sign of escalation, the U.S. Treasury's Office of Foreign Assets Control (OFAC) used a counterterrorism authority for its latest sanctions—a legal tool that offers broader flexibility in targeting foreign entities.
Jeremy Paner, a partner at Hughes Hubbard & Reed and former OFAC investigator, told Reuters that the move may be aimed at increasing indirect pressure on Beijing. 'I believe today's actions are more about triangulation by exerting pressure on China to convince Iran to accept a deal,' he said. He added that Chinese banks are well aware of their exposure under US sanctions law, especially when counterterrorism provisions are involved.
STORY CONTINUES BELOW THIS AD
Despite the sanctions and tensions, both Tehran and Washington maintain that they favour a diplomatic resolution to the long-running nuclear dispute. However, fundamental disagreements such as Iran's uranium enrichment program continue to block progress in the talks.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
17 minutes ago
- Indian Express
US ready to be part of security guarantees for Ukraine, Germany's Merz says
The United States is prepared to take part in security guarantees for Ukraine, German Chancellor Friedrich Merz said on Saturday, according to Reuters. Speaking to German broadcaster ZDF, Merz said he and other European leaders had been briefed by US President Donald Trump following his meeting in Alaska with Russian President Vladimir Putin. 'The good news is that America is ready to participate in such security guarantees and is not leaving it to the Europeans alone,' Merz said. Ukrainian President Volodymyr Zelenskyy will meet Trump in Washington on Monday. Merz told ZDF that a three-way meeting between Trump, Putin and Zelenskyy should follow soon with the aim of agreeing to a peace deal. 'If that works out, it's worth more than a ceasefire,' he said. Merz added that Trump suggested Russia might be willing to negotiate on the basis of current front lines rather than the wider regional borders Moscow claims. 'This is a huge difference because Russia is claiming territories that it hasn't occupied yet,' he told ZDF. In a separate interview with broadcaster n-tv, Merz said he did not expect Zelenskyy's talks with Trump to be as difficult as those in February, when the two leaders clashed publicly. He said European leaders would speak with Zelenskyy on Sunday to help him prepare. 'We'll give a few good pieces of advice,' Merz said. Merz also stressed that while European unity was important, the US would remain central to the conflict. 'The American president has the power both militarily and via appropriate sanctions and tariffs to ensure that Russia moves more than it currently does,' he told Reuters.
Indian Express
17 minutes ago
- Indian Express
In first remarks after meeting Trump, Putin calls Alaska summit ‘timely and extremely useful'
Russian President Vladimir Putin said on Saturday that his summit with US President Donald Trump in Alaska had been 'timely and extremely useful,' adding that Moscow respected Washington's position on the Ukraine conflict and continued to seek a peaceful resolution. Putin gave the remarks in a televised meeting of senior officials in the Kremlin, Reuters reported. Trump, who entered the high-stakes summit warning he 'won't be happy' without a ceasefire and threatening 'severe consequences' if Moscow refused to cooperate, also shelved his threats and instead called the talks 'extremely productive,' after the three-hour meeting with the Russian side that yielded no tangible results. On Saturday, Trump dropped plans for an immediate ceasefire, writing on Truth Social that 'the best way to end the horrific war between Russia and Ukraine is to go directly to a Peace Agreement, and not a mere Ceasefire Agreement, which often do not hold up.'
News18
41 minutes ago
- News18
Gilgit-Baltistan: A New Uprising In Pakistan's ‘Last Colony' Against Oppressive Rule
Last Updated: For decades, GB has sought autonomy, political representation, and development aligned with local needs and ambitions, but has faced growing neglect and exploitation from Pakistan A fresh wave of resistance against the Pakistani state's illegal occupation of the region is being witnessed in Gilgit-Baltistan (GB). The local traders and business community of GB have launched a movement to oppose trade and travel between Pakistan and China via the Khunjerab Pass. This latest protest is the outcome of the relentlessly exploitative economic and political conditions imposed on GB by the Pakistani state. The protest by the traders has come close on the heels of a mass movement by the local residents of GB against the controversial Land Reforms Act, 2025, passed on May 21. For the last four weeks, traders have been continuing with a sit-in at the Karakoram Highway, bringing the region to a standstill. They are demanding recognition of local interests by Islamabad as well as its accountability. To understand GB's tumultuous relationship with Islamabad, it is important to look at the history of this asymmetric and oppressive power dynamic, which continues to disenfranchise, marginalise, and politically erase the identity, aspirations, and future of the people of this region. According to the US-based Middle East Media Research Institute (MEMRI), Pakistan has treated GB more as a colony rather than as part of the federation. 'The region has long been regarded by Pakistan not as a cherished part of the federation, but as a distant and burdensome periphery. Successive governments have turned a blind eye to the fundamental needs of the humble inhabitants of Gilgit-Baltistan, relegating the region to an ad hoc governance framework administered from afar—governed not by participatory laws, but by decrees handed down from Islamabad," says a recent MEMRI report. The origins of this injustice lie in the 1949 Karachi Agreement. Under this 'agreement", the control of GB (then called Northern Areas) was transferred from Pakistan-occupied Jammu and Kashmir (PoJK) to Islamabad without any representative from the region. Since then, Islamabad has directly ruled GB through the Ministry of Kashmir Affairs, using the draconian colonial-era Frontier Crimes Regulation. Its constitutional status remains in limbo as Pakistan has tried to use it to build another false narrative by linking it to the resolution of the Kashmir issue with India. But to deal with growing frustration among the local residents, it introduced limited self-governance reforms to the region, renaming it 'Gilgit and Baltistan' in 2009. However, this move was exposed as hollow; right from the beginning, the GB assembly was systematically populated by 'compliant figureheads or puppets, rather than leaders who dared to interpret their roles with independence and purpose," as emphasised in the MEMRI analysis. For decades, GB has sought autonomy, political representation, and development aligned with local needs and aspirations, but instead has faced growing neglect and exploitative policies from Pakistan. The Pakistani magazine Herald once described Gilgit-Baltistan as Pakistan's 'last colony", a phrase that aptly reflects Islamabad's governing attitude toward the region. Very recently, GB was engulfed in massive demonstrations against the forcibly passed Land Reforms Act, 2025. This legislation was opposed by the people, as it would enable land grabs by Punjabi landlords and the Pakistani military, displace the local population, and exploit natural resources. This law would also intensify military control. As GB is the only region under Pakistan's occupation that has a Shia and Ismaili majority, Islamabad has also undertaken a systematic campaign of altering the demography by opening up the region to outsiders. Now, fed up with increasing federal taxes and deliberate obstacles to local trade, GB traders—backed by a host of local political parties and religious groups—have sustained a resilient sit-in at Sost. This powerful show of solidarity and demand for justice compelled Chief Minister Haji Gulbar Khan and Governor Mehdi Shah to seek federal intervention, leading to the formation of a federal committee to make recommendations for the issue's resolution. The protestors' demands are simple: exemption from income, sales, and other federal taxes on commodities imported from China through the Khunjerab Pass—deemed illegal by traders considering GB's lack of constitutional status—and urgent customs clearance for 280 consignments stuck at Sost Dry Port under a one-time amnesty scheme. Ironically, while Gilgit-Baltistan is considered to be geographically very significant for the China-Pakistan Economic Corridor, Islamabad's treatment of local traders sends a clear message that it is least bothered about the interests of the local population and is only interested in exploiting the strategic position and resources of the region. All routes connecting Pakistan to China, including the critical Karakoram Highway, pass through GB, which should ideally have brought more economic opportunities for the local population. However, in contrast, it has resulted in increased Chinese military presence. This reinforces the fact that Pakistan follows the template of exploiting the region while keeping the people underdeveloped. If the locals dare to express their aspirations, they are handled brutally by the Pakistani military and its death squads. Therefore, the traders' blockade in GB represents more than an economic conflict—it is the roar of a voice silenced for decades from a region long suffering under the thumb of Islamabad's colonial and oppressive policies. The writer is an author and columnist. His X handle is @ArunAnandLive. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect News18's views. Click here to add News18 as your preferred news source on Google. tags : China Kashmir pakistan view comments Location : New Delhi, India, India First Published: August 16, 2025, 22:02 IST News opinion Global Watch | Gilgit-Baltistan: A New Uprising In Pakistan's 'Last Colony' Against Oppressive Rule Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
